Good Morning! US Futures are mixed, but theme remains the same with Russell outperforming as the “Weak Dollar” trades continue to unwind. Mixed Trading in Europe, where the DAX is up 40bp in very good volume - Fins acting well again, but retail getting hit. London is off small as “Trade War” headlines hit the papers across the city, as Miners are under pressure and Yield Stocks continue to see a unwind. Worst market in Europe belongs to Spain, which is off 20bp as the Catalonia Referendum approaches. In Asia, Nikkei up 50bp as Banks and Insurers rallied - Shanghai off 20bp and Hang Seng slapped for over 1% as property developers in China were smacked ahead of next week’s Holiday - KOSPI unch, KOSDAQ off 20bp - Aussie up small

Global Sov Yields higher across the board as Tax Reform headers roll, and Fed Funds rest at 83% for December – The US 10YY is up 3bp, but rejected from 2.36% - DXY off small as Euro retraces higher towards $1.18 on better consumer confidence figures - Kiwi$ lower after they hold on rates - Sterling players awaiting a speech from Carney - Loonie drifting around yesterday’s lows. Ore was smoked for 5% into the week long Holiday, but Copper is up 40bp – while more angst about the Kurdish Referendum, coupled with US Refiners ramping back to full output post Harvey – has WTI squirting towards $53